India’s credit card spending soared to a record in September 2025, marking a 23% year-on-year rise and a 13% sequential increase.
The coordination between the Finance Ministry and the presidency signals tighter executive cohesion under President Prabowo’s leadership, contrasting with the cautious fiscal stance of prior administrations.
Deposit growth at Indian banks is projected to remain adequate in FY2025-26, supported by an improved liquidity environment and regulatory measures that are expected to sustain credit expansion of 11–12%
The Reserve Bank of India, is reducing its US dollar exposure, repatriating gold from overseas vaults, and strengthening domestic control of its bullion reserves.
Through decades of external borrowing, fiscal crises and ambitious development programmes, India has emerged as a case study of both regional vulnerability and the complex promise of sustainable growth.